Roger M. Barker

Business and Management, International Business, Corporate Governance and Accountability

The corporate governance systems of continental Europe have traditionally been quite different to those of the liberal market economies (e.g., the United States and the United Kingdom). Company ...
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The corporate governance systems of continental Europe have traditionally been quite different to those of the liberal market economies (e.g., the United States and the United Kingdom). Company ownership has been dominated by incumbent blockholders, with a relatively minor role for minority shareholders and institutional investors. However, since the mid‐1990s, European corporations have adopted many of the characteristics of the Anglo‐American shareholder model. Furthermore, such an increased shareholder orientation has coincided with a significant role for the Left in European government. This presents a puzzle, as conventional wisdom does not conceive of the European Left as the natural ally of pro‐shareholder capitalism. This book provides an analysis of this paradox by arguing that the postwar support of the European Left for the prevailing blockholder‐dominated corporate system depended on the willingness of blockholders to share economic rents with employees, both through higher wages and greater employment stability. However, during the 1990s, product markets became more competitive in many European countries. The sharing of rents between social actors became increasingly difficult to sustain. In such an environment, the Left chose to relinquish its traditional social partnership with blockholders and embraced many aspects of the shareholder model. The hypothesis is initially explored through a panel data econometric analysis of fifteen non‐liberal market economies. Subsequent case study chapters examine the political economy of recent corporate governance change in Germany and Italy.Less

Roger M. Barker

Published in print: 2010-01-21

The corporate governance systems of continental Europe have traditionally been quite different to those of the liberal market economies (e.g., the United States and the United Kingdom). Company ownership has been dominated by incumbent blockholders, with a relatively minor role for minority shareholders and institutional investors. However, since the mid‐1990s, European corporations have adopted many of the characteristics of the Anglo‐American shareholder model. Furthermore, such an increased shareholder orientation has coincided with a significant role for the Left in European government. This presents a puzzle, as conventional wisdom does not conceive of the European Left as the natural ally of pro‐shareholder capitalism. This book provides an analysis of this paradox by arguing that the postwar support of the European Left for the prevailing blockholder‐dominated corporate system depended on the willingness of blockholders to share economic rents with employees, both through higher wages and greater employment stability. However, during the 1990s, product markets became more competitive in many European countries. The sharing of rents between social actors became increasingly difficult to sustain. In such an environment, the Left chose to relinquish its traditional social partnership with blockholders and embraced many aspects of the shareholder model. The hypothesis is initially explored through a panel data econometric analysis of fifteen non‐liberal market economies. Subsequent case study chapters examine the political economy of recent corporate governance change in Germany and Italy.

This book focuses on the interaction between equilibrium real exchange rates, optimal external debt, endogenous optimal growth, and current account balances in a world of uncertainty. The theoretical ...
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This book focuses on the interaction between equilibrium real exchange rates, optimal external debt, endogenous optimal growth, and current account balances in a world of uncertainty. The theoretical parts result from interdisciplinary research between economics and state of the art applied mathematics. From the economic theory and the mathematics of stochastic optimal control, benchmarks are derived for the optimal debt and equilibrium real exchange rate in an environment where both the return on capital and the real rate of interest are stochastic variables. The theoretically derived equilibrium real exchange rate — the natural real exchange rate (NATREX) — is where the real exchange rate is heading. These benchmarks are applied to answer the following questions: What is a theoretically based empirical measure of a “misaligned” exchange rate that increases the probability of a significant depreciation or a currency crisis? What is a theoretically based empirical measure of an “excess” debt that increases the probability of a debt crisis? What is the interaction between an excess debt and a misaligned exchange rate? The theory is applied to evaluate the Euro exchange rate, the exchange rates of the transition economies of Eastern Europe, the sustainability of U.S. current account deficits, and derives warning signals of the Asian crises, defaults, and debt crises in emerging markets.Less

Stochastic Optimal Control, International Finance, and Debt Crises

Jerome L. Stein

Published in print: 2006-04-01

This book focuses on the interaction between equilibrium real exchange rates, optimal external debt, endogenous optimal growth, and current account balances in a world of uncertainty. The theoretical parts result from interdisciplinary research between economics and state of the art applied mathematics. From the economic theory and the mathematics of stochastic optimal control, benchmarks are derived for the optimal debt and equilibrium real exchange rate in an environment where both the return on capital and the real rate of interest are stochastic variables. The theoretically derived equilibrium real exchange rate — the natural real exchange rate (NATREX) — is where the real exchange rate is heading. These benchmarks are applied to answer the following questions: What is a theoretically based empirical measure of a “misaligned” exchange rate that increases the probability of a significant depreciation or a currency crisis? What is a theoretically based empirical measure of an “excess” debt that increases the probability of a debt crisis? What is the interaction between an excess debt and a misaligned exchange rate? The theory is applied to evaluate the Euro exchange rate, the exchange rates of the transition economies of Eastern Europe, the sustainability of U.S. current account deficits, and derives warning signals of the Asian crises, defaults, and debt crises in emerging markets.

This concluding chapter reiterates three main themes emphasized in the book. The first is that institutional and political reforms seldom reduce the cost of capital quickly; other types of events, ...
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This concluding chapter reiterates three main themes emphasized in the book. The first is that institutional and political reforms seldom reduce the cost of capital quickly; other types of events, especially wars and episodes of politically-motivated violence, have a far more immediate and pronounced impact on the cost of borrowing. The second theme is that country-specific developments played a more important role in determining spreads in 1870-1913 than they did in the 1990s, as reflected in the high co-movement of bond spreads today. The third theme is that the existence of institutions aimed at resolving debt crises may have contributed to the continuous expansion of the international bond market in the 19th century, but creditor coordination is likely to be less effective today.Less

A Few Lessons for the Future

Paolo MauroNathan SussmanYishay Yafeh

Published in print: 2006-03-01

This concluding chapter reiterates three main themes emphasized in the book. The first is that institutional and political reforms seldom reduce the cost of capital quickly; other types of events, especially wars and episodes of politically-motivated violence, have a far more immediate and pronounced impact on the cost of borrowing. The second theme is that country-specific developments played a more important role in determining spreads in 1870-1913 than they did in the 1990s, as reflected in the high co-movement of bond spreads today. The third theme is that the existence of institutions aimed at resolving debt crises may have contributed to the continuous expansion of the international bond market in the 19th century, but creditor coordination is likely to be less effective today.

Andreas Busch

Political Science, International Relations and Politics, Political Economy

Does globalization erode the nation state's capacity to act? Are nation states forced to change their policies even if this goes against the democratic will of their electorates? How does government ...
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Does globalization erode the nation state's capacity to act? Are nation states forced to change their policies even if this goes against the democratic will of their electorates? How does government action change under conditions of globalization? Questions like these have not only featured highly in political debates in recent years, but also in academic discourse. This book contributes to that debate. The general question it addresses is whether globalization leads to policy convergence — a central, but contested topic in the debate, as theoretical arguments can be advanced both in favour of and against the likelihood of such a development. More specifically, the book contains detailed empirical case studies of four countries (the United States, the United Kingdom, Germany, and Switzerland) in a policy area where state action has been particularly challenged by the emergence of world-wide, around-the-clock financial markets in the last few decades, namely that of the regulation and supervision of the banking industry. Based on careful analysis of historical developments, specific challenges, the character of policy networks and institutions, and their interaction in the political process, this book argues that nation states still possess considerable room for manoeuvre in pursuing their policies. Even if they choose supranational coordination and cooperation, their national institutional configurations still function as filters in the globalization process.Less

Banking Regulation and Globalization

Andreas Busch

Published in print: 2008-12-11

Does globalization erode the nation state's capacity to act? Are nation states forced to change their policies even if this goes against the democratic will of their electorates? How does government action change under conditions of globalization? Questions like these have not only featured highly in political debates in recent years, but also in academic discourse. This book contributes to that debate. The general question it addresses is whether globalization leads to policy convergence — a central, but contested topic in the debate, as theoretical arguments can be advanced both in favour of and against the likelihood of such a development. More specifically, the book contains detailed empirical case studies of four countries (the United States, the United Kingdom, Germany, and Switzerland) in a policy area where state action has been particularly challenged by the emergence of world-wide, around-the-clock financial markets in the last few decades, namely that of the regulation and supervision of the banking industry. Based on careful analysis of historical developments, specific challenges, the character of policy networks and institutions, and their interaction in the political process, this book argues that nation states still possess considerable room for manoeuvre in pursuing their policies. Even if they choose supranational coordination and cooperation, their national institutional configurations still function as filters in the globalization process.

When running a global company of 10,000 employees who have to be kept in work, in markets which are unforgiving for the long term, tipping points have to be placed in context. Yet convulsions are ...
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When running a global company of 10,000 employees who have to be kept in work, in markets which are unforgiving for the long term, tipping points have to be placed in context. Yet convulsions are becoming more extreme, violent, and unpredictable. This is not conducive for promoting sustainable business practice. Any successful adaptation will require sound regulation based on excellent academia and civil society guidance working within companies so that everyone learns and acts accordingly.Less

Keith Clarke

Published in print: 2013-08-22

When running a global company of 10,000 employees who have to be kept in work, in markets which are unforgiving for the long term, tipping points have to be placed in context. Yet convulsions are becoming more extreme, violent, and unpredictable. This is not conducive for promoting sustainable business practice. Any successful adaptation will require sound regulation based on excellent academia and civil society guidance working within companies so that everyone learns and acts accordingly.

Why does the regulation of risks to human health and safety vary so dramatically from one policy domain to another? Why are some risks regulated aggressively and others responded to only modestly? Is ...
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Why does the regulation of risks to human health and safety vary so dramatically from one policy domain to another? Why are some risks regulated aggressively and others responded to only modestly? Is there any logic to the techniques we use in risk regulation? This book addresses these important questions by systematically examining variety amongst risk regulation regimes across policy domains, analysing the significant driving forces shaping those regimes, and identifying the causes of regulatory failure and success. In order to do so, the book develops a systems‐based concept of a ‘risk regulation regime’, which enables comparative description and analysis of the rules, institutional arrangements, and cultures that are bound up with the handling of risk within and between regimes. Using that framework, the book analyses how regimes and their constituent components are differentially shaped by three major driving forces—namely, the pressures exerted by market failure, by public opinion, and by organized interests inside and outside the state apparatus—and blame‐avoidance responses of regimes in the face of pressures for greater openness. The book applies the method to analyse a range of risk regulation regimes that cross the divide between ‘natural’ and ‘socially created’, state‐created and market‐created, ‘voluntary’ and ‘involuntary’, high‐tech and low‐tech, individually, and corporately produced risks. Those regimes include the release of paedophiles into the community, air pollution, local road safety, radon, pesticides, and dangerous dogs. The analysis reveals both variations and paradoxes that can neither be identified by single case studies, nor be easily explained by macro‐oriented approaches to understanding risk regulation. The Government of Risk shows how such an approach is of high policy relevance as well as of considerable theoretical importance.Less

The Government of Risk : Understanding Risk Regulation Regimes

Christopher HoodHenry RothsteinRobert Baldwin

Published in print: 2001-08-23

Why does the regulation of risks to human health and safety vary so dramatically from one policy domain to another? Why are some risks regulated aggressively and others responded to only modestly? Is there any logic to the techniques we use in risk regulation? This book addresses these important questions by systematically examining variety amongst risk regulation regimes across policy domains, analysing the significant driving forces shaping those regimes, and identifying the causes of regulatory failure and success. In order to do so, the book develops a systems‐based concept of a ‘risk regulation regime’, which enables comparative description and analysis of the rules, institutional arrangements, and cultures that are bound up with the handling of risk within and between regimes. Using that framework, the book analyses how regimes and their constituent components are differentially shaped by three major driving forces—namely, the pressures exerted by market failure, by public opinion, and by organized interests inside and outside the state apparatus—and blame‐avoidance responses of regimes in the face of pressures for greater openness. The book applies the method to analyse a range of risk regulation regimes that cross the divide between ‘natural’ and ‘socially created’, state‐created and market‐created, ‘voluntary’ and ‘involuntary’, high‐tech and low‐tech, individually, and corporately produced risks. Those regimes include the release of paedophiles into the community, air pollution, local road safety, radon, pesticides, and dangerous dogs. The analysis reveals both variations and paradoxes that can neither be identified by single case studies, nor be easily explained by macro‐oriented approaches to understanding risk regulation. The Government of Risk shows how such an approach is of high policy relevance as well as of considerable theoretical importance.

This book argues that by pursuing the goal of economic democracy, socialism can return to the centre of political life in the advanced capitalist countries. It seeks to demonstrate, to socialists and ...
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This book argues that by pursuing the goal of economic democracy, socialism can return to the centre of political life in the advanced capitalist countries. It seeks to demonstrate, to socialists and non‐socialists alike, that there is both a strong moral case for economic democracy and a feasible strategy for achieving it. In an economic democracy, companies operate in a market economy, but are governed by their workers. The argument that economic democracy is a morally desirable goal rests on an appeal to the value of individual freedom. Since workers are the only individuals who are subject to the authority of companies, it is workers, and not capitalists, who should exercise direct decision‐making control over those companies. The argument that economic democracy is a feasible goal rests on an appeal to the advantages of a corporatist industrial relations system. Corporatism enables workers to pursue economic democracy through a series of trade‐offs in which they exchange wage rises or other goods for incremental increases in control. But rational capitalists and governments—even social democratic governments—will only agree to these trade‐offs if certain conditions are met. The book sets out these conditions and shows that they have in fact been met in recent years.Less

Economic Democracy : The Politics of Feasible Socialism

Robin Archer

Published in print: 1998-12-03

This book argues that by pursuing the goal of economic democracy, socialism can return to the centre of political life in the advanced capitalist countries. It seeks to demonstrate, to socialists and non‐socialists alike, that there is both a strong moral case for economic democracy and a feasible strategy for achieving it. In an economic democracy, companies operate in a market economy, but are governed by their workers. The argument that economic democracy is a morally desirable goal rests on an appeal to the value of individual freedom. Since workers are the only individuals who are subject to the authority of companies, it is workers, and not capitalists, who should exercise direct decision‐making control over those companies. The argument that economic democracy is a feasible goal rests on an appeal to the advantages of a corporatist industrial relations system. Corporatism enables workers to pursue economic democracy through a series of trade‐offs in which they exchange wage rises or other goods for incremental increases in control. But rational capitalists and governments—even social democratic governments—will only agree to these trade‐offs if certain conditions are met. The book sets out these conditions and shows that they have in fact been met in recent years.

This book presents a systemic and definitive critique of Ronald Dworkin's highly influential theory of liberal equality. Focusing on the connection Dworkin attempts to establish between economic ...
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This book presents a systemic and definitive critique of Ronald Dworkin's highly influential theory of liberal equality. Focusing on the connection Dworkin attempts to establish between economic markets and liberal equality, the book examines Dworkin's contention that markets have an indispensable role to play in the articulation of liberal ideals of distributive justice, individual liberty, and state neutrality. The book also examines the issues concerning individual responsibility and entitlement as well as the nature of justice with respect to persons with disabilities. The author argues that Dworkin's attempt to establish deep affinities between the market and equality is unsuccessful and his proposed solutions to some central controversies in political theory are seriously flawed. This powerful examination of the work of America's leading public philosopher reveals some timely lessons about the hazards and limitations of the market as a device for the articulation and realization of egalitarian justice.Less

Liberalism, Justice, and Markets : A Critique of Liberal Equality

Colin M. Macleod

Published in print: 1998-07-02

This book presents a systemic and definitive critique of Ronald Dworkin's highly influential theory of liberal equality. Focusing on the connection Dworkin attempts to establish between economic markets and liberal equality, the book examines Dworkin's contention that markets have an indispensable role to play in the articulation of liberal ideals of distributive justice, individual liberty, and state neutrality. The book also examines the issues concerning individual responsibility and entitlement as well as the nature of justice with respect to persons with disabilities. The author argues that Dworkin's attempt to establish deep affinities between the market and equality is unsuccessful and his proposed solutions to some central controversies in political theory are seriously flawed. This powerful examination of the work of America's leading public philosopher reveals some timely lessons about the hazards and limitations of the market as a device for the articulation and realization of egalitarian justice.

Offers a theoretical defence of market socialism, a third way between traditional capitalism and traditional socialism, which combines a market economy with social control of capital and employee ...
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Offers a theoretical defence of market socialism, a third way between traditional capitalism and traditional socialism, which combines a market economy with social control of capital and employee control of workplaces. The first part offers a critique of the libertarian philosophy used to defend free‐market capitalism, focussing on the issues of freedom, justice, the neutrality of markets, and private charity as an alternative to the welfare state. The second part defends markets against socialist criticism. Here it is shown that consumers are generally the best judges of their own welfare, that people can deserve their market receipts, that exploitation is not an inherent feature of market transactions, and that alienation can be overcome provided the market is subject to political control. The third part develops a model of the socialist state, defending the ideas of national community as a basis of citizenship, of politics as a form of dialogue between citizens, of the integration of cultural minorities into an encompassing community, and of constitutional limits on majority rule. The book concludes by defending the political relevance of the system outlined in previous chapters.Less

Market, State, and Community : Theoretical Foundations of Market Socialism

David Miller

Published in print: 1990-12-06

Offers a theoretical defence of market socialism, a third way between traditional capitalism and traditional socialism, which combines a market economy with social control of capital and employee control of workplaces. The first part offers a critique of the libertarian philosophy used to defend free‐market capitalism, focussing on the issues of freedom, justice, the neutrality of markets, and private charity as an alternative to the welfare state. The second part defends markets against socialist criticism. Here it is shown that consumers are generally the best judges of their own welfare, that people can deserve their market receipts, that exploitation is not an inherent feature of market transactions, and that alienation can be overcome provided the market is subject to political control. The third part develops a model of the socialist state, defending the ideas of national community as a basis of citizenship, of politics as a form of dialogue between citizens, of the integration of cultural minorities into an encompassing community, and of constitutional limits on majority rule. The book concludes by defending the political relevance of the system outlined in previous chapters.

Since the early 1990s, Europe's economies have been facing several new challenges: the 1992 single market programme, the collapse of the Berlin wall and eastward enlargement, and monetary ...
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Since the early 1990s, Europe's economies have been facing several new challenges: the 1992 single market programme, the collapse of the Berlin wall and eastward enlargement, and monetary unification. Building on the influential Varieties of Capitalism (VoC) perspective, this book critically analyses these developments in the European political economy and their effects on the continental European economies. The chapters include debate about how VoC can help understand the political-economic challenges that Europe is facing today, and how understanding these new challenges can in turn enrich and enhance the VoC perspective. Thematically, the contributions to this volume are organised in four sections: how the macro-economics of EMU influenced different European models of capitalism; how the Single Market programme was received in the different institutional regimes in European capitalism; how welfare and labour market reforms are debated and implemented; and how European capitalism travelled east after 1989. The book aims to demonstrate that the VoC approach remains — as the editors put it in their introduction — a rich seam to mine, capable of accommodating new developments, and theoretically flexible enough to branch out into new arguments.Less

Beyond Varieties of Capitalism : Conflict, Contradictions, and Complementarities in the European Economy

Published in print: 2007-05-17

Since the early 1990s, Europe's economies have been facing several new challenges: the 1992 single market programme, the collapse of the Berlin wall and eastward enlargement, and monetary unification. Building on the influential Varieties of Capitalism (VoC) perspective, this book critically analyses these developments in the European political economy and their effects on the continental European economies. The chapters include debate about how VoC can help understand the political-economic challenges that Europe is facing today, and how understanding these new challenges can in turn enrich and enhance the VoC perspective. Thematically, the contributions to this volume are organised in four sections: how the macro-economics of EMU influenced different European models of capitalism; how the Single Market programme was received in the different institutional regimes in European capitalism; how welfare and labour market reforms are debated and implemented; and how European capitalism travelled east after 1989. The book aims to demonstrate that the VoC approach remains — as the editors put it in their introduction — a rich seam to mine, capable of accommodating new developments, and theoretically flexible enough to branch out into new arguments.

This book examines the issues central to the study of strategic management in a global context. The key premise of this book is that developing an understanding of global strategic management ...
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This book examines the issues central to the study of strategic management in a global context. The key premise of this book is that developing an understanding of global strategic management requires analytic tools different from those of purely domestic strategies. As global integration between companies and countries continues to march forward, managers and strategy researchers will have to find new ways to deal with globalization. The various topics examined in this book are intended to provide guidance as to how to deal with the realities of globalization and strategic management. The book goes beyond the boundaries of received wisdom to examine some of the practical realities that have yet to receive theoretical scrutiny. The book blends theoretical insights that form the mainstay for strategy students with the practical relevance that international managers should find valuable. A series of issues, scenarios, and decision areas associated with global strategy choices are presented. The case study illustrations offer insights into many of the issues that both international strategy researchers and practitioners are currently grappling with.Less

Global Strategy : Creating and Sustaining Advantage across Borders

Andrew InkpenKannan Ramaswamy

Published in print: 2005-12-02

This book examines the issues central to the study of strategic management in a global context. The key premise of this book is that developing an understanding of global strategic management requires analytic tools different from those of purely domestic strategies. As global integration between companies and countries continues to march forward, managers and strategy researchers will have to find new ways to deal with globalization. The various topics examined in this book are intended to provide guidance as to how to deal with the realities of globalization and strategic management. The book goes beyond the boundaries of received wisdom to examine some of the practical realities that have yet to receive theoretical scrutiny. The book blends theoretical insights that form the mainstay for strategy students with the practical relevance that international managers should find valuable. A series of issues, scenarios, and decision areas associated with global strategy choices are presented. The case study illustrations offer insights into many of the issues that both international strategy researchers and practitioners are currently grappling with.

The analysis in this book disputes entrenched interpretations of the comparative political economy of industrialized democracies. It questions, in particular, the widely-held assumption that social ...
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The analysis in this book disputes entrenched interpretations of the comparative political economy of industrialized democracies. It questions, in particular, the widely-held assumption that social democratic governments will defend the interests of labour. The evidence shows that labour has become split into two clearly differentiated constituencies: those with secure employment (insiders) and those without (outsiders). The book focuses on three policy areas: employment protection (representing the main concern of insiders), and active and passive labour market policies (the main concern of outsiders). The main thrust of the argument is that the goals of social democratic parties are often best served by pursuing policies that benefit only insiders. The implication of the book's insider-outsider model is that social democratic government is associated with higher levels of employment protection legislation but not with labour market policy. The book also argues that there are factors that can reduce insider-outsider differences and weaken their influence on social democratic governments. These hypotheses are explored through the triangulation of different methodologies. The book provides an analysis of surveys and macrodata and a detailed comparison of three case-studies: Spain, the UK, and the Netherlands.Less

David Rueda

Published in print: 2007-10-01

The analysis in this book disputes entrenched interpretations of the comparative political economy of industrialized democracies. It questions, in particular, the widely-held assumption that social democratic governments will defend the interests of labour. The evidence shows that labour has become split into two clearly differentiated constituencies: those with secure employment (insiders) and those without (outsiders). The book focuses on three policy areas: employment protection (representing the main concern of insiders), and active and passive labour market policies (the main concern of outsiders). The main thrust of the argument is that the goals of social democratic parties are often best served by pursuing policies that benefit only insiders. The implication of the book's insider-outsider model is that social democratic government is associated with higher levels of employment protection legislation but not with labour market policy. The book also argues that there are factors that can reduce insider-outsider differences and weaken their influence on social democratic governments. These hypotheses are explored through the triangulation of different methodologies. The book provides an analysis of surveys and macrodata and a detailed comparison of three case-studies: Spain, the UK, and the Netherlands.

On one level, the book is about how national institutions, such as electoral and labor market institutions, shape the political and policy responses of government to economic globalization: it is ...
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On one level, the book is about how national institutions, such as electoral and labor market institutions, shape the political and policy responses of government to economic globalization: it is about how domestic politics reacts to and interacts with the global economy and how institutions structure these relationships. However, on a deeper level, the book is about the political backlash against globalization in the Anglo-American democracies. The book's analysis is based on the fact that the future of the global economy is at stake, and possibly so is international peace and stability. The book analyzes the risks to the state of the international economy from economic nationalism, the current global economic crisis, and recent concerns over national security.Less

Globalization and the New Politics of Embedded Liberalism

Jude Hays

Published in print: 2009-10-01

On one level, the book is about how national institutions, such as electoral and labor market institutions, shape the political and policy responses of government to economic globalization: it is about how domestic politics reacts to and interacts with the global economy and how institutions structure these relationships. However, on a deeper level, the book is about the political backlash against globalization in the Anglo-American democracies. The book's analysis is based on the fact that the future of the global economy is at stake, and possibly so is international peace and stability. The book analyzes the risks to the state of the international economy from economic nationalism, the current global economic crisis, and recent concerns over national security.

The idea of free exchange of child labor, human organs, reproductive services, weapons, life saving medicines, and addictive drugs, strike many as toxic to human values. What considerations ought to ...
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The idea of free exchange of child labor, human organs, reproductive services, weapons, life saving medicines, and addictive drugs, strike many as toxic to human values. What considerations ought to guide the debates about such markets? What is it about the nature of particular exchanges that concerns us to the point that some types of markets are problematic? How should our social policies respond to these more noxious markets? Categories previously used by philosophers and economists are of limited help, because they assumed markets to be homogenous and of limited scope. This book develops a broader and more nuanced view of markets whereby they not only allocate resources and incomes, but shape our culture, foster or thwart human development, and create and support structures of power.Less

Why Some Things Should Not Be for Sale : The Moral Limits of Markets

Debra Satz

Published in print: 2010-05-12

The idea of free exchange of child labor, human organs, reproductive services, weapons, life saving medicines, and addictive drugs, strike many as toxic to human values. What considerations ought to guide the debates about such markets? What is it about the nature of particular exchanges that concerns us to the point that some types of markets are problematic? How should our social policies respond to these more noxious markets? Categories previously used by philosophers and economists are of limited help, because they assumed markets to be homogenous and of limited scope. This book develops a broader and more nuanced view of markets whereby they not only allocate resources and incomes, but shape our culture, foster or thwart human development, and create and support structures of power.

Ever since the 1970s, the problem of unemployment has defined politics in Western Europe, but governments have responded in different ways. In the 1970s and 1980s, some governments used macroeconomic ...
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Ever since the 1970s, the problem of unemployment has defined politics in Western Europe, but governments have responded in different ways. In the 1970s and 1980s, some governments used macroeconomic policy to support domestic economic activity and maintain full employment. In the 1990s and 2000s, on the other hand, some governments made large labor market policy changes to ensure that the unemployed were looking for jobs, well-trained, and matched with employers willing to hire them. Comparing Austria, Denmark, the Netherlands, and Sweden, this book shows that governments made different choices because of underlying political differences: the development of party systems, corporatism, and norms regarding the purpose of political authority. Low unemployment was the linchpin of political arrangements in Western Europe after the Second World War. When mass unemployment became a threat again in the 1970s, Austria and Sweden – where the post-war political order remained intact – used economic policies to preserve full employment. In the 1990s and 2000s, governments in Denmark and the Netherlands – who had lived with high unemployment for a long period of time and reformed their political models in the course of the 1980s – undertook far-reaching labor market policy changes.Less

Mass Unemployment and the State

Johannes Lindvall

Published in print: 2010-12-01

Ever since the 1970s, the problem of unemployment has defined politics in Western Europe, but governments have responded in different ways. In the 1970s and 1980s, some governments used macroeconomic policy to support domestic economic activity and maintain full employment. In the 1990s and 2000s, on the other hand, some governments made large labor market policy changes to ensure that the unemployed were looking for jobs, well-trained, and matched with employers willing to hire them. Comparing Austria, Denmark, the Netherlands, and Sweden, this book shows that governments made different choices because of underlying political differences: the development of party systems, corporatism, and norms regarding the purpose of political authority. Low unemployment was the linchpin of political arrangements in Western Europe after the Second World War. When mass unemployment became a threat again in the 1970s, Austria and Sweden – where the post-war political order remained intact – used economic policies to preserve full employment. In the 1990s and 2000s, governments in Denmark and the Netherlands – who had lived with high unemployment for a long period of time and reformed their political models in the course of the 1980s – undertook far-reaching labor market policy changes.

This book presents a compilation of studies on China’s labour market. These explore institutional and political constraints on the operation of the market, and their changes over time. The book is ...
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This book presents a compilation of studies on China’s labour market. These explore institutional and political constraints on the operation of the market, and their changes over time. The book is divided into four parts. Part I studies the Chinese labour and wage system under the planned economy, labour market reforms, their evolution, and their consequences. Part II examines the various aspects of the labour market such as wage structure and segmentation. Part III analyses the rural labour market. Part IV discusses the imperfect labour market.Less

Towards a Labour Market in China

John KnightLina Song

Published in print: 2005-03-01

This book presents a compilation of studies on China’s labour market. These explore institutional and political constraints on the operation of the market, and their changes over time. The book is divided into four parts. Part I studies the Chinese labour and wage system under the planned economy, labour market reforms, their evolution, and their consequences. Part II examines the various aspects of the labour market such as wage structure and segmentation. Part III analyses the rural labour market. Part IV discusses the imperfect labour market.

This book examines the relationship between law and economic globalization. It focuses on national and international efforts to protect the competitive process, exploring the critically important ...
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This book examines the relationship between law and economic globalization. It focuses on national and international efforts to protect the competitive process, exploring the critically important relationships between those two domains and the way the resulting system shapes economic activity in all parts of the world. The laws, institutions, and principles of the international domain increasingly influence national competition law development, and national competition law experience provides both the lenses through which decision makers view transnational competition issues and the incentive structures that generate their competition law decisions. The analysis examines the ideas, institutions, and people that provide the legal framework for global competition; how they evolved, how they operate today, and the forces that are likely to influence their future development. US anti-trust experience has long been at the center of this global governance picture, but European competition law experience is also rich, varied, and potentially of great value for future competition law development. China, Japan, Korea, and newer players in Latin America and Africa will also play a key role in this future, and the analysis pays close attention to them as well. On the basis of this analysis, the book analyzes current global competition law proposals and outlines a strategy that utilizes these discussions, but more specifically addresses global economic development needs. This strategy may be developed within the institutional framework of the WTO, but it may also be pursued independently.Less

Global Competition : Law, Markets, and Globalization

David Gerber

Published in print: 2010-03-11

This book examines the relationship between law and economic globalization. It focuses on national and international efforts to protect the competitive process, exploring the critically important relationships between those two domains and the way the resulting system shapes economic activity in all parts of the world. The laws, institutions, and principles of the international domain increasingly influence national competition law development, and national competition law experience provides both the lenses through which decision makers view transnational competition issues and the incentive structures that generate their competition law decisions. The analysis examines the ideas, institutions, and people that provide the legal framework for global competition; how they evolved, how they operate today, and the forces that are likely to influence their future development. US anti-trust experience has long been at the center of this global governance picture, but European competition law experience is also rich, varied, and potentially of great value for future competition law development. China, Japan, Korea, and newer players in Latin America and Africa will also play a key role in this future, and the analysis pays close attention to them as well. On the basis of this analysis, the book analyzes current global competition law proposals and outlines a strategy that utilizes these discussions, but more specifically addresses global economic development needs. This strategy may be developed within the institutional framework of the WTO, but it may also be pursued independently.

This chapter discusses the emergence of downgraded and informal sectors of European labour markets staffed by socially marginal migrants and ethnic minorities. These parts of the economy and the ...
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This chapter discusses the emergence of downgraded and informal sectors of European labour markets staffed by socially marginal migrants and ethnic minorities. These parts of the economy and the labour market seem to represent a ‘pre-modern’ regression in terms of organization and management. Yet the processes through which this occurs are part and parcel of advanced capitalist strategies of deregulation for the enhancement of ‘flexibility’ in terms of a networked economy and society and a fragmented labour market. This point is illustrated by case studies of industrial restructuring from Britain, the Netherlands, Spain, and Portugal. These examples exhibit advanced corporate strategies heading the ongoing restructuring of the political economy and European societies, and reflect processes typical for different economic sectors. The cases also demonstrate the impact of the different national institutional contexts and welfare regimes in which these strategies of restructuring are embedded.Less

‘Bloody Subcontracting’ in the Network Society: Migration and Post‐Fordist Restructuring across the European Union

Carl-Ulrik Schierup

Published in print: 2006-03-01

This chapter discusses the emergence of downgraded and informal sectors of European labour markets staffed by socially marginal migrants and ethnic minorities. These parts of the economy and the labour market seem to represent a ‘pre-modern’ regression in terms of organization and management. Yet the processes through which this occurs are part and parcel of advanced capitalist strategies of deregulation for the enhancement of ‘flexibility’ in terms of a networked economy and society and a fragmented labour market. This point is illustrated by case studies of industrial restructuring from Britain, the Netherlands, Spain, and Portugal. These examples exhibit advanced corporate strategies heading the ongoing restructuring of the political economy and European societies, and reflect processes typical for different economic sectors. The cases also demonstrate the impact of the different national institutional contexts and welfare regimes in which these strategies of restructuring are embedded.

A business contract between a marketing services company and a company that sells infomercial products contained an exclusivity rights clause, providing that the sales company “will not contract with ...
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A business contract between a marketing services company and a company that sells infomercial products contained an exclusivity rights clause, providing that the sales company “will not contract with any other contractors or service providers for the procurement of comparable services during the term of this agreement.” The dispute was over the meaning of the verb “to contract” and whether it meant that a contract could be made before the last day of the existing contract even though the new work would not start until that contract had ended. Semantic analysis of the verb “contract” along with what the exclusivity agreement did not say, framed the linguistic contribution to this case.Less

Roger W. Shuy

Published in print: 2008-02-21

A business contract between a marketing services company and a company that sells infomercial products contained an exclusivity rights clause, providing that the sales company “will not contract with any other contractors or service providers for the procurement of comparable services during the term of this agreement.” The dispute was over the meaning of the verb “to contract” and whether it meant that a contract could be made before the last day of the existing contract even though the new work would not start until that contract had ended. Semantic analysis of the verb “contract” along with what the exclusivity agreement did not say, framed the linguistic contribution to this case.

This book provides readers with reasonably concise descriptions of the state of global markets, the benefits and limitations of financial accounting and accounting/auditing standards, and the ...
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This book provides readers with reasonably concise descriptions of the state of global markets, the benefits and limitations of financial accounting and accounting/auditing standards, and the development, status, and current policy issues of corporate financial reporting in major countries and the European Union. The globalization of financial markets has contributed to a growing consensus that national financial reporting standards should give way to a single, harmonized set of global reporting standards. This book takes a more practical approach and reaches a different conclusion: that global standards are unlikely to be achieved, and in any event, are not likely to remain unified in the face of continued changes in markets and financial practices. National accounting standards are likely to continue to be relevant for the foreseeable future, and for that reason, the book discusses the national systems and their origins in some detail. The authors also consider a range of other substantive reporting issues, notably the debate over the issue of “fair value” measurement of assets and liabilities, which the authors reject in favor of a system that marks to market only those assets with deep traded markets, coupled with additional disclosures, where relevant.Less

Worldwide Financial Reporting : The Development and Future of Accounting Standards

George J. BenstonMichael BromwichRobert E. LitanAlfred Wagenhofer

Published in print: 2006-03-17

This book provides readers with reasonably concise descriptions of the state of global markets, the benefits and limitations of financial accounting and accounting/auditing standards, and the development, status, and current policy issues of corporate financial reporting in major countries and the European Union. The globalization of financial markets has contributed to a growing consensus that national financial reporting standards should give way to a single, harmonized set of global reporting standards. This book takes a more practical approach and reaches a different conclusion: that global standards are unlikely to be achieved, and in any event, are not likely to remain unified in the face of continued changes in markets and financial practices. National accounting standards are likely to continue to be relevant for the foreseeable future, and for that reason, the book discusses the national systems and their origins in some detail. The authors also consider a range of other substantive reporting issues, notably the debate over the issue of “fair value” measurement of assets and liabilities, which the authors reject in favor of a system that marks to market only those assets with deep traded markets, coupled with additional disclosures, where relevant.